TBS Holdings Inc. · TSE:9401
TBS — 1H FY2026 Earnings Presentation
43 slides from TBS's earnings presentation, Nov 6, 2026
Slide 1: 1H FY26 Consolidated Financial Results
1H FY26 Consolidated Financial Results (Six months ended September 30, 2026) November 6, 2026
Slide 2: 1H Summary
1H Summary 1H FY26 Results • On a consolidated basis, net sales increased while operating profit decreased. Consolidated net sales reached a record high for 1H. • In the Media and Content business, net sales increased while operating profit decreased. Net sales increased due to major deliveries driv
Slide 3: Contents
Contents 1H FY26 Results FY26 Full-year Forecasts Progress on the Management Plan Other Topics References Disclaimer Forward-looking statements on future results and all other content in this document are based on the Company’s judgment at the time of publication. This document does not assure or gu
Slide 4: 1H FY26 Results
1H FY26 Results FY26 Full-year Forecasts Progress on the Management Plan Other Topics References 4
Slide 5: Consolidated Statement of Income
Consolidated Statement of Income Unit: millions of yen FY25 FY26 Consolidated Y/Y Y/Y(%) 1H 1H Net Sales 210,658 215,073 +4,415 +2.1% Operating Profit 15,392 10,470 -4,921 -32.0% Ordinary Profit 22,885 18,687 -4,198 -18.3% Profit Attributable to Owners of Parent 45,403 17,666 -27,737 -61.1% Q1 Q2 Q3
Slide 6: Consolidated Results by Segment
Consolidated Results by Segment Unit: millions of yen External Net Sales Operating Profit FY25 FY26 FY25 FY26 FY25 Y/Y Y/Y(%) Y/Y Y/Y(%) 1H 1H 1H 1H 1H* Media and 155,088 157,682 +2,593 +1.7% 9,674 4,193 -5,480 -56.7% 7,981 Content Lifestyle 47,111 48,704 +1,592 +3.4% 1,684 552 -1,131 -67.2% 1,684 R
Slide 7: TBS TV: Statement of Income
TBS TV: Statement of Income Although paid subscription streaming and live events/ performances recorded growth in net sales, overall net sales decreased, primarily due to a substantial decline in spot advertising sales resulting from the weak advertising market conditions amid domestic and global ec
Slide 8: TBS TV: Breakdown of Net Sales
TBS TV: Breakdown of Net Sales Unit: millions of yen FY25 FY26 Y/Y Y/Y(%) Comment 1H 1H Net sales decreased due to a decline in broadcasting revenues, while paid Television 111,681 104,517 -7,163 -6.4% subscription streaming remained strong. Despite strong viewership ratings, net sales decreased due
Slide 9: TV Program Costs (Production Expenses)
TV Program Costs (Production Expenses) Unit: millions of yen FY25 FY26 Y/Y Q1 22,398 22,700 +302 Q1 Q2 Q3 Q4 Q2 25,777 22,762 -3,015 95,236 97,392 97,277 100,326 48,175 45,462 -2,713 95,000 1H Total 23,171 24,552 26,436 23,945 Q3 25,714 - - 24,357 24,855 25,286 25,714 Q4 26,436 - - 23,715 25,109 24,
Slide 10: TBS TV: Net Sales and Gross Profit of Business Division
TBS TV : Net Sales and Gross Profit of Business Division Unit: millions of yen Net Sales Gross Profit Division FY25 FY26 FY25 FY26 Major Factors Affecting Changes Y/Y Y/Y 1H 1H 1H 1H Net sales increased due to the strong overseas streaming performance of titles such as THE RAMPARTS OF ICE. Profit in
Slide 11: Highlights of Main Group Companies in Media and Content Segment
Highlights of Main Group Companies in Media and Content Segment Unit: millions of yen Net Sales Operating Profit Major Factors Affecting Changes FY25 FY26 FY25 FY26 Y/Y Y/Y 1H 1H 1H 1H Net sales remained in line with the previous year, supported by solid performance in event revenues and digital aud
Slide 12: StylingLife Group
StylingLife Group PLAZA recorded an increase in net sales driven by the contribution of new store openings. However, operating profit decreased as the increase in fixed costs, including the introduction of a new core IT system, outweighed top-line growth. BCL recorded a decrease in both net sales an
Slide 13: YARUKI Switch Group
YARUKI Switch Group YARUKI Switch Group adopts International Financial Reporting Standards ("IFRS"), and the figures for the 6-month period from March 2026 to August 2026 are included on a consolidated basis after reclassification of IFRS to Japanese GAAP. Revenue increased due to higher tuition inc
Slide 14: FY26 Full-year Forecasts
1H FY26 Results FY26 Full-year Forecasts Progress on the Management Plan Other Topics References 14
Slide 15: FY26 Full-year Forecasts (Consolidated)
FY26 Full-year Forecasts (Consolidated) No change Consolidated earnings forecasts remain unchanged from the revised forecasts announced on August 6, 2026. Unit : millions of yen FY26 FY25 Consolidated ACT FCT Y/Y (as of Aug 6) Net Sales 424,850 435,000 +10,149 Operating Profit 24,750 23,000 -1,750 O
Slide 16: FY26 Full-year Forecasts (TBS TV)
FY26 Full-year Forecasts (TBS TV) No change (breakdown partially changed) The earnings forecasts for TBS TV remain unchanged from the revised forecasts announced on August 6, 2026. However, parts of the breakdown have been revised. FY26 Unit : millions of yen FY25 TBS TV ACT FCT Y/Y (as of Aug 6) Ne
Slide 17: Progress on the Management Plan
1H FY26 Results FY26 Full-year Forecasts Progress on the Management Plan Other Topics References 17
Slide 18: Progress of Capital Allocation
Progress of Capital Allocation To further promote ROIC-based management starting in FY2027, FY2026 is positioned as the phase to “streamline the right side of the balance sheet," steadily executing the revised capital allocation plan. Cash Inflow Cash Allocation MTBP 2026 Updated Plan 1 Capital Opti
Slide 19: Sale of Cross-shareholdings
Sale of Cross-shareholdings Unit: billions of yen 109.6 billion yen sold during the Medium-Term Business Plan 2026 period 81.4 billion yen sold during the Medium-Term Management Plan 2023 period 16.2bn yen sold 37.1 53.7 as of Sep 30, 2026 24.1 135.0 39.6 20.1 19
Slide 20: Shareholder Returns
Shareholder Returns • Capital Discipline: Managing invested capital and cost of capital to drive ROIC-based management. • Strategic Balance: Achieving autonomous equity control by balancing investments in growth with shareholder returns, considering that investments in areas such as content IP requi
Slide 21: Shareholder Return Policy and Annual Dividend Forecast
Shareholder Return Policy and Annual Dividend Forecast Basic Policy : Aim for a payout ratio of 40% on a consolidated basis, ensuring stable and continuous dividend, while flexibly acquiring treasury shares with an awareness of the total payout ratio. There is no change to the dividend forecast anno
Slide 22: Acquisition of Treasury Shares
Acquisition of Treasury Shares Details of the Resolution Concerning the Acquisition of Treasury Shares (Announced on May 14, 2026) Class of shares to be acquired Common shares Total number of shares to be acquired Up to 6,500,000 shares Total amount of acquisition Up to 36 billion yen (1) Market pur
Slide 23: Outlook for the Next Medium-Term Plan
Outlook for the Next Medium-Term Plan Accelerating the EDGE Strategy • Continuing proactive growth investments to establish growth trajectories in IP, Global, and EduTainment • Generating operating cash flow driven by growth investments Scheduled disclosure May 2027 Focus on Capital Efficiency • Imp
Slide 24: Other Topics
1H FY26 Results FY26 Full-year Forecasts Progress on the Management Plan Other Topics References 24
Slide 25: Progress on the Growth Strategy
Progress on the Growth Strategy Global THE SEVEN Did Someone Happen to Mention Me? Streaming on NETFLIX: Quiztopia ROCK, PAPER, LANDMINE from Oct 22, 2026 Streaming on NETFLIX: Streaming on Prime Video: from Dec 17, 2026 from Nov 13, 2026 ©2026 Amazon Content Services LLC or its Affiliates. Steady p
Slide 26: Media Environment / Asian Games
Media Environment / Asian Games Asian Games Aichi-Nagoya Unit : millions of yen Creating a Cultural Phenomenon Following World Athletics Championships Tokyo 25 FY25 FY26 TBS TV 1H 1H LTV4-59 Golden time 4.2% Prime time 4.0% ALL Golden time 6.4% Prime time 6.0% 87,397 79,055 Special Live Streaming Br
Slide 27: LTV4-59 Strategy and Timeless Value
LTV4-59* Strategy and Timeless Value * LTV4-59: Individual viewership rating for males and females aged 4-59. LTV4-59 Unit:% 1H Viewer Ratings All day Golden time Prime time Non-prime time LTV4-59 Key drivers TBS 1.8 [0.0] 3.9 [+0.1] 3.7 [+0.1] 1.3 [0.0] • Solid performance of existing regular progr
Slide 28: Sunday Theater "VIVANT" Content IP Leverage
Sunday Theater "VIVANT" Content IP Leverage Terrestrial Broadcasting Streaming LTV4-59 EP11 10.9% (average 9.3%) ALL EP11 12.1％ (average 10.4％) • The first episode recorded 8.75 • Exclusive unlimited million views, marking the highest streaming on U-NEXT Number of all-time record for a drama across
Slide 29: Animation Business
Animation Business Takopi's Original Sin The Movie: Thank You, See You Tomorrow Terrestrial anime regular slot 幹 indicates TBS TV is the lead production company. To be released in November 幹 幹 The streaming-exclusive series Takopi's Original Sin received the Grand Prize in the Anime Category at the
Slide 30: Movies, Performances and Events - Upcoming Lineups
Movies, Performances and Events - Upcoming Lineups - As of November 6, 2026 Periods Title Note To be released on November 27, 2026 Takopi's Original Sin The Movie: Thank You, See You Tomorrow Distributed by:The Klockworx,TBS TV To be released on January 8, 2027 Sins of Kujo Distributed by:TOHO Movie
Slide 31: Akasaka Entertainment City
Akasaka Entertainment City Akasaka Entertainment City Area Map Redevelopment area under construction (Left: East Wing; Right: West Wing) Photographed in mid-October of 2026 ※画像はイメージです。実際とは異なる可能性があります 。 Redevelopment area construction schedule 2022 2023 2024 2025 2026 2027 2028 Around summer 2022 Nov
Slide 32: StylingLife Group
StylingLife Group PLAZA TOKYO+ Shinjuku: A new store marking PLAZA’s 60th anniversary, opening in Shinjuku Marui Honkan on November 20, 2026! PLAZA TOKYO+ Shinjuku, a new store marking PLAZA’s 60th anniversary, has enlisted the help of Fantasista Utamaro, a globally acclaimed Japanese pop artist, fo
Slide 33: YARUKI Switch Group
YARUKI Switch Group Trends in the number of schools and students Situation of newly opened schools (from March 2026) Trends in the number of schools Total number of schools opened in FY26 (fiscal year ending February 2027) 【TOTAL】 28 schools / labs / location As of Aug 31, 2025 As of Aug 31, 2026 2,
Slide 34: References
1H FY26 Results FY26 Full-year Forecasts Progress on the Management Plan Other Topics References 34
Slide 35: Capital Expenditures (CAPEX) and Depreciation and Amortization
Capital Expenditures (CAPEX) and Depreciation and Amortization FY26 Unit: FY26 Unit: Consolidated Y/Y millions of TBS TV Y/Y millions of 1H 1H yen yen CAPEX 12,313 +4,811 CAPEX 1,696 -1,938 Depreciation and Depreciation and 7,328 -9 2,311 -1,330 Amortization Amortization Consolidated CAPEX TBS TV CA
Slide 36: Consolidated Balance Sheets
Consolidated Balance Sheets Unit: As of As of As of As of millions Change Change Mar 31, 2026 Sep 30, 2026 Mar 31, 2026 Sep 30, 2026 of yen Current 111,216 99,516 -11,699 Liabilities Current Non-current 270,188 198,489 -71,698 381,613 544,390 +162,776 Assets Liabilities Total 492,830 643,907 +151,07
Slide 37: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Unit: millions of yen FY25 FY26 Y/Y 1H 1H Cash Flows from 946 1,385 +438 Operating Activities Cash Flows from 41,470 -45,760 -87,230 Investing Activities Cash Flows from -31,654 -31,152 +501 Financing Activities Net Increase (Decrease ) in 10,573 -74,343 -84,917
Slide 38: Streaming Revenue Trend and Numbers of Views on TVer & TBS FREE
Streaming Revenue Trend and The Numbers of Views on TVer & TBS FREE Streaming Ad Revenue Q1 Q2 Q3 Q4 Paid Subscription Streaming Revenue Q1 Q2 Q3 Q4 14,312 12,146 11,214 12,048 2,470 3,462 2,351 9,334 8,900 4,186 3,058 1,888 2,394 7,031 3,036 0 8,243 4,528 6,381 2,114 2,473 0 2,093 3,286 5,668 3,498
Slide 39: Viewer Ratings LTV4-59 / All
Viewer Ratings LTV4-59 (Age 4 to 59-year-old) / All (4-year-old and older) LTV4-59 ALL Golden Prime Non-prime Golden Prime Non-prime All Day All Day Time Time Time Time Time Time ②1.8 ②3.9 ②3.7 ③1.3 ④2.6 ④4.3 ④4.2 ④2.2 TBS [0.0] [+0.1] [+0.1] [0.0] TBS [-0.1] [-0.2] [-0.1] [-0.1] ①2.6 ①4.4 ①4.1 ①2.2
Slide 40: TBS TV Time/Spot ad Sales and Y/Y Changes
TBS TV Time/Spot ad Sales and Y/Y Changes Time Spot Unit : millions of yen Tokyo Area Notes FY26 Y/Y Y/Y (%) FY26 Y/Y Y/Y (%) (Estimates) Apr 7,250 -104 -1.4% 6,815 -705 -9.4% +4.5% May 6,474 -91 -1.4% 6,940 -604 -8.0% +4.6% Jun 5,982 -408 -6.4% 5,931 -1,351 -18.6% -5.3% Jul 7,273 +121 +1.7% 5,851 -
Slide 41: TBS TV Time/Spot ad Sales (FY22 – FY26)
TBS TV Time/Spot ad Sales ( FY22 – FY26 ) Time ad Sales Unit: millions of yen 12,000 9,000 6,000 3,000 0 Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar FY2022 7,036 6,560 5,968 8,541 5,953 6,048 6,776 6,646 6,939 7,080 5,552 6,810 FY2023 7,229 6,380 6,055 6,388 7,563 6,941 7,559 6,621 7,314 7,047
Slide 42: Spot ad Sales Ranking by Business Category
Spot ad Sales Ranking by Business Category Unit:% Unit:% FY25 1H Y/Y Share FY26 1H Y/Y Share Information, Information, 1 telecommunications -4.3 13.7 1 telecommunications +5.7 16.8 and broadcasting and broadcasting Alcoholic and other 2 beverages +3.1 11.4 2 Eating-out and services -10.5 9.4 Alcohol
Slide 43: List of Consolidated Companies
List of Consolidated Companies (As of September 30, 2026) Media and Content business/ Real Estate and other businesses (1) Consolidated companies in Lifestyle business (8) TBS TELEVISION, INC. StylingLife Holdings Inc. CP Cosmetics Inc. Consolidated companies in Media and Content business (21) BECAU